Direct, transition, liability and reputation, these are the four types of exposures to which companies are most exposed from climate change and its effects. Assessing the risks is complex because they will evolve over the next 10, 20 or 30 years, and depend on how much we limit the inevitable rise in global temperatures.
In an onsite poll, 40% said their companies were already significantly or very significantly affected. Only a small proportion said they were not seeing effects.
Investing in resilience and exploring innovative financial solutions are essential. There is already a protection gap between the risks and what impacts are insurable, and it will grow.
Participants were Bart Smets, Head of Insurance and Risk Management, moderator, Umicore; Stefano Bonelli, principal consultant, climate change lead for Southern Europe, ERM Paris; Rob Bailey, Director, Climate Resilience, Marsh & McLennan; and Gianluca Ferrari, insurance & agrometeorology manager, Radarmeteo; and Antoine Denoix, Chief Executive Officer, AXA Climate.
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